Alberta Investment Management Corp Makes New Investment in Cenovus Energy Inc $CVE

Alberta Investment Management Corp bought a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,798,511 shares of the oil and gas company's stock, valued at approximately $143,730,000. Cenovus Energy makes up approximately 0.8% of Alberta Investment Management Corp's investment portfolio, making the stock its 14th biggest position. Alberta Investment Management Corp owned approximately 0.31% of Cenovus Energy at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Jones Financial Companies Lllp boosted its holdings in Cenovus Energy by 574.8% during the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company's stock worth $301,000 after acquiring an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Cenovus Energy by 6.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company's stock valued at $10,397,000 after purchasing an additional 44,125 shares during the last quarter. Prudential Financial Inc. purchased a new stake in shares of Cenovus Energy in the second quarter valued at about $525,000. EverSource Wealth Advisors LLC lifted its position in shares of Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company's stock valued at $67,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Cenovus Energy during the second quarter valued at about $495,000. Hedge funds and other institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Performance

NYSE:CVE opened at $31.06 on Monday. The company has a market capitalization of $57.44 billion, a P/E ratio of 11.95 and a beta of 0.34. The business has a fifty day simple moving average of $27.41 and a two-hundred day simple moving average of $26.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. Cenovus Energy Inc has a 1 year low of $14.77 and a 1 year high of $32.07.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts' consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The firm had revenue of $14.59 billion for the quarter, compared to analysts' expectations of $11.87 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The business's revenue for the quarter was up 47.9% compared to the same quarter last year. On average, analysts expect that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is currently 24.62%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wall Street Zen upgraded shares of Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Raymond James Financial downgraded Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, May 6th. Scotiabank reaffirmed an "outperform" rating on shares of Cenovus Energy in a report on Thursday, July 30th. Royal Bank Of Canada increased their price target on Cenovus Energy from $47.00 to $51.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings raised Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $36.25.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

Want to see what other hedge funds are holding CVE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source